Geode Capital Management LLC Has $14.69 Million Stock Position in Cass Information Systems, Inc. (NASDAQ:CASS)

Geode Capital Management LLC increased its stake in Cass Information Systems, Inc. (NASDAQ:CASS) by 4.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 354,155 shares of the business services provider’s stock after acquiring an additional 13,607 shares during the quarter. Geode Capital Management LLC’s holdings in Cass Information Systems were worth $14,693,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CASS. Speece Thorson Capital Group Inc. lifted its stake in shares of Cass Information Systems by 37.6% in the third quarter. Speece Thorson Capital Group Inc. now owns 305,495 shares of the business services provider’s stock worth $12,672,000 after acquiring an additional 83,414 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new position in shares of Cass Information Systems in the third quarter worth approximately $3,029,000. Barclays PLC lifted its stake in shares of Cass Information Systems by 364.9% in the third quarter. Barclays PLC now owns 21,938 shares of the business services provider’s stock worth $910,000 after acquiring an additional 17,219 shares during the period. Tributary Capital Management LLC lifted its stake in shares of Cass Information Systems by 5.3% in the third quarter. Tributary Capital Management LLC now owns 318,496 shares of the business services provider’s stock worth $13,211,000 after acquiring an additional 15,919 shares during the period. Finally, Foundry Partners LLC lifted its stake in shares of Cass Information Systems by 12.1% in the third quarter. Foundry Partners LLC now owns 122,405 shares of the business services provider’s stock worth $5,077,000 after acquiring an additional 13,180 shares during the period. 59.08% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Piper Sandler lifted their price objective on Cass Information Systems from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th.

Cass Information Systems Stock Performance

Shares of CASS stock opened at $40.63 on Tuesday. The company has a market cap of $551.31 million, a P/E ratio of 24.48 and a beta of 0.72. The stock has a 50 day simple moving average of $43.57 and a two-hundred day simple moving average of $42.05. Cass Information Systems, Inc. has a fifty-two week low of $37.99 and a fifty-two week high of $50.25.

Cass Information Systems (NASDAQ:CASS) last issued its earnings results on Thursday, October 17th. The business services provider reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). The business had revenue of $50.55 million during the quarter, compared to the consensus estimate of $48.99 million. Cass Information Systems had a return on equity of 9.92% and a net margin of 11.52%. On average, research analysts predict that Cass Information Systems, Inc. will post 1.48 earnings per share for the current year.

Cass Information Systems Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Tuesday, December 3rd were issued a $0.31 dividend. This is an increase from Cass Information Systems’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date was Tuesday, December 3rd. Cass Information Systems’s payout ratio is presently 74.70%.

Cass Information Systems Profile

Cass Information Systems, Inc provides payment and information processing services to manufacturing, distribution, and retail enterprises in the United States. The company operates through two segments, Information Services and Banking Services. Its services include freight invoice rating, payment processing, auditing, and the generation of accounting and transportation information.